Thursday, March 20, 2008

Jobless Claims Surge

Does anyone still think we are not in a recession?
New filings for unemployment claims rose more than expected last week, matching the highest level since 2005, according to a report released Thursday by the Labor Department.

According to the report, 378,000 people filed for unemployment for the first time in the week ended March 15, up 22,000 from a revised 356,000 reported in the previous week.

The 378,000 reading, which is subject to revision, matched the number reported for the week ended Jan. 26. New jobless claims last exceeded that number on Oct. 1, 2005 when they hit 385,000.

A consensus of economists polled by had expected to see initial jobless claims to rise by 4,000 to 360,000.

The level of new jobless claims can be used as a recession indicator. "I think it confirms that we're in a recession, or at least in a period of negative growth," said Ethan Harris, chief U.S. economist for Lehman Brothers.
Don't worry about this. Don't you know everything will be better when you get that $600.00 check borrowed from the financial futures of your children? These people ruined this economy and have no idea how to fix it.

The war has cost us more than $500 billion with estimates going from 1 -3 trillion by the time it finally winds down. What did you get for your money besides a lot of death and destruction? Our financial system avoided an Argentina like breakdown with the bailout of Bear Stearns but that too will cost the taxpayers 30 billion dollars. The greed and corruption of this administration knows no bounds. Soon they will leave office and a mess of monumental proportions and go nicely into retirement. Too bad they aren't going to jail where they belong.

If stupidity was an Olympic event George W. Bush would be the worlds Gold Medal king instead of just the world's laughing stock.

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